2013 Adopted Budget - Laserfiche WebLink

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BALANCED BUDGET: A budget in which estimated revenues, including operating transfers from other funds equals estimated expenditures;. including. operating transfers to other funds. A balanced budget would have no effect on fund balancelfund equity. The Township's policies require the General Fund budget to be balanced, BOND: A written promise, generally under seal, to pay. a specified .sum of money, called the face value or principal amount, at a fixed time in the future, called the. date. of maturity, and carrying interest at a fixed rate, usually payable periodically. BONDED INDEBTEDNESS: Outstanding debt by issues of bonds, which are repaid by ad valorem or other revenue. BUDGET: A plan of financial operation embodying an estimate of proposed expenditures fora given period and the proposed means:of financing them, BUDGET DOCUMENT: The afficial.written: statement prepared by the ClerklTreasurer and Finance Officer of the Township which presents the proposed budget to the Town Board. BUDGET BODY MESSAGE: A general discussion of the proposed budget presented in writing as a part of the budget document.. The budget message explains principal budget issues against the background of financial experience in recent years and presents recommendations made by the Clerk/Treasurer. BUDGET CALENDAR: The schedule of key dates, which a government follows in the preparation and adoption: of the budget. BUDGETARY CONTROL: The control or management of a governmental unit or enterprise in accordance with an approved budget for the purpose of keeping expenditures within the limitation of available appropriations and available revenues. CAPITAL ASSETS: Assets with:a value of.$1,g0a or more and a useful Life of 3 years or longer. CAPITAL EXPENDITURE: Assets with an initial, individual cost of more than $1,000 and an estimated useful life in excess of three years.. CAPITAL IMPROVEMENT BUDGET: A plan of proposed capital expenditures and a means of. financing them. The capital budget is enacted as pan: of the complete annual budget. CAPITAL PROGRAM: A plan for capital. expenditures to be incurred each year over a fixed period of years to meet capital needs arising from the long-term work program or otherwise. It sets forth each project or other contemplated expenditure in which the government. is to have a part and specifies the full resources estimated to be available to finance the projected expenditures. CAPITAL PROJECTS FUNDS: To account for financial resources to be used for the acquisition or construction of major capital facilities. CASH BASIS: The method of accounting under which revenues are recorded when received in cash and expenditures are recorded when paid, CERTIFIED LEVY: Total. tax levy of a jurisdiction, which is certified to the County Auditor. CHARGES FOR SERVICES: Charges for current services .rendered. 64...